Road, Inc (1109537) SEC Filing 10-Q Quarterly report for the period ending Friday, March 31, 2006

Exhibit 99.1

 

@ROAD REPORTS FIRST QUARTER RESULTS

 

First Quarter 2006 Revenues Increase 24% Over First Quarter 2005

 

FREMONT, Calif. – April 27, 2006

- @Road, Inc. (Nasdaq:  ARDI), a global provider of next generation solutions for Mobile Resource Management (MRM), today announced its results for the quarter ended March 31, 2006.

 

Total revenues for the first quarter of 2006 were $24.7 million, a 24% increase compared to $20.0 million for the first quarter of 2005. Hosted revenues for the first quarter of 2006 were $20.9 million, and licensed revenues for the first quarter of 2006 were $3.8 million.

 

Net loss attributable to common stockholders for the first quarter of 2006 was $2.7 million, or $0.04 per diluted share.

 

Non-GAAP earnings before tax for the first quarter of 2006 were $0.6 million, or $0.01 per diluted share. Non-GAAP earnings before tax are calculated by adjusting GAAP net loss attributable to common stockholders for the impacts of stock-based compensation of $0.9 million, intangibles amortization expense of $1.0 million, an expense for the change in the value of the derivative instrument liability of $1.2 million, a benefit from income taxes of $0.6 million, and depreciation expense of $0.8 million. A reconciliation of non-GAAP financial measures used in this press release to the GAAP financial measures and presentation of the most directly comparable GAAP financial measures can be found in the Reconciliation of GAAP to Non-GAAP Financial Measures, included in this press release on page 8.

 

“New subscriber sales as well as total revenue and results of operations were consistent with our previously provided estimates. We believe that our first quarter performance is a good first step toward meeting our 2006 financial objectives,” said Krish Panu, president and CEO of @Road. “We are seeing opportunities in the market for new and add on business with customers, and we believe that momentum will continue to build particularly in the second half of 2006.”

 

The Company’s condensed consolidated balance sheet at March 31, 2006 included $100.2 million of cash, cash equivalents and short-term investments. “Our balance sheet remains strong and we believe that it can help us capture the opportunity we see in the Mobile Resource Management market,” stated Mr. Panu.

 

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